Massive Australian Oil Discovery Puts Saudis In Panic

It's the biggest find in 50 years and the media is completely ignoring it...

It is 6 times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale.

All told what was recently discovered outside a sleepy Australian town contains more black gold more than in all of in Iran, Iraq, Canada, or Venezuela.

With current estimates at 233 billion barrels its just 30 billion shy of the estimated reserves in all of Saudi Arabia.

According to one renowned international expert, this massive discovery could eventually dwarf the oil rich kingdom as the original estimates are revised.

An advisor to six of the top 10 oil producers and active consultant to 20 world governments, Dr. Kent Moors now believes the find, "may land at 300 or 400 billion barrels," making it one of "the greatest unconventional oil discoveries any of us will see in our lifetimes."

And since Arckaringa footprint will be beyond extensive, hundreds of wells, massive infrastructure networks, gathering systems, pipelines, processing facilities and support services will vital.

The Death Knell for OPEC
The massive find has been likened to the Bakken and Eagle Ford shale oil projects in the US, which have created legitimate boom times in Texas and North Dakota.

The outflows from these areas have been so big they have given way to predictions that the US could overtake Saudi Arabia as the world's largest oil producer as soon as this year.

Even at the lowest estimate, the Coober Pedy fins is set to make Australia a net oil exporter; at the higher estimate, Australia would become one of the world's biggest oil exporters.

"What we're seeing up there is a very, very big deposit," says South Australia's mining minister, Tom Koutsantonis, "If the reserves and the pressure was right over millions of years and the rocks have done the things they think they've done, they think they can extract vast reserves of oil out of South Australia which would have a value of about $20 trillion."

Dependence on OPEC's crude is already slipping as the U.S. and Canada unlock unconventional oil supplies from deep underground shale deposits with new drilling techniques.

Now there's even more completion bubbling up from "Down Under."

Given all of the trouble in the Middle East, the Saudi's have good reason to be alarmed.